Categories: Headline

Senate Passes N28.7 Trillion As 2024 Appropriation Bill, Tops It By N1.2 Trillion

the upper chamber gave its approval to the bill during the Saturday plenary. The budget size was also increased by N1.2 trillion.

Advertisement
Advertisement

Senate has passed N28.7 trillion as the 2024 appropriation bill.

 

NewsOnline Nigeria reports that the Senate has approved the 2024 Appropriation Bill of N28.7 trillion, against the N27.5 trillion estimate presented by President Bola Tinubu.

 

This Nigeria news platform understands that the upper chamber gave its approval to the bill during the Saturday plenary. The budget size was also increased by N1.2 trillion.

 

ALSO: Ondo: ‘Tinubu Has Interest In Who Becomes Aiyedatiwa’s Deputy’

 

The approved budget includes N1.7 trillion for statutory transfers, N8.7 trillion for recurrent expenditure, and N9.9 trillion for capital expenditure.

Presenting the report the committee chairman, Sen. Solomon Adeola, said that the Committee adopted the Medium Term Expenditure Framework and Fiscal Paper (MTEF/FSP) approved by the National Assembly in preparing the budget.

 

He said the committee adopted the 77.96 dollar per barrel oil benchmark 1.78mbpd and 800 dollar exchange rate to naira as against 750 dollars proposed by the executive.

 

He listed the highlights of the bill to include a total aggregate expenditure of N28.7 trillion, statutory transfers of N1.7 trillion, and recurrent expenditure of N8.7 trillion, while the capital expenditure component stood at N9.9 trillion.

 

He said the committee in processing the bill worked closely with the executive harmoniously. He said through the close and harmonious appropriation process, the executive forwarded a request for additional funding of some items on expenditure that were not included in the bill as submitted by the President.

 

He, however, said that the committee observed that the 2024 Appropriation Bill was presented to the National Assembly late.

 

This, he said, was against the Fiscal Responsibility Act that required the Bill to be presented not later than three months before the next financial year.

 

Adeola also said there were inconsistencies in the revenue of some government-owned enterprises. (GOEs). He also said that there was the removal of some agency personnel costs from the Federal Government payroll and inadequate funding in some allocation of government Ministries, Departments, and Agencies(MDAs).

 

Adeola said to ensure thorough scrutiny of budget proposals, the executives should comply with the provisions of the Fiscal Responsibility Act. He also urged the executive to ensure compliance with the provisions of relevant extant laws, as it concerns government agencies.

He urged agencies removed from the federal government budget to step up their revenue generation, fund itself and remit more to the Consolidated Revenue Fund (CRF).

Advertisement
NewsOnline Nigeria

Recent Posts

  • Economy And Business

BREAKING: PDP Urges NASS Not To Pass Tinubu’s ‘Anti-People’ 2025 Budget

PDP has urged NASS not to pass Tinubu’s 'anti-people' 2025 budget.   NewsOnline Nigeria reports…

3 minutes ago
  • Crime Watch

BREAKING: Former Governor Bello Commences Fresh Bail Battle At FCT High Court

Former Governor Bello has commenced a fresh bail battle at the FCT High Court.  …

19 minutes ago
  • Crime Watch

BREAKING: President Tinubu To Use AI To Fight Bandits, Terrorists In 2025

President Tinubu is set to deploy AI to fight bandits and terrorists in 2025.  …

28 minutes ago
  • Headline

BREAKING: National Bureau of Statistics Official Website Hacked

National Bureau of Statistics Official Website has been hacked.   NewsOnline Nigeria reports that the…

39 minutes ago
  • Featured

Open Heaven 19 December 2024 RCCG Daily Devotional

Open Heaven 19 December 2024 RCCG Daily Devotional can be accessed below.   NewsOnline Nigeria…

46 minutes ago
  • Exchange Rates

Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 19th December 2024

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 19th December 2024.…

49 minutes ago